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Property profile & analytics
OFF-MARKET
Estimated value
$1,000,000
Grocery and convenience stores
1515 Elliot Rd Tempe, AZ 85284-1637
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US07-1297857
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Year built
1997
Construction
CONCRETE
Total area
54,552 SF
Lot
5.3 ac (230,792 SF)
Zoning code
PCC-1
APN
301-51-844
UPID
US07-1297857
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Starbucks Cafe & Coffee Shop
-
Safeway Bakery Bakery Specialty Food Shop
-
Safeway Pharmacy Pharmacy
-
Safeway Liquor (Bike/Boat/Book/etc) Store Wine and Liquor Store
-
FedEx OnSite Postal Service Courier Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$19.92M
Blend (final)
Blend
$1.00M
Owner & transaction history
Safeway INC · 8 yrs held
Safeway INC
since 2018
2 recorded transactions
Zoning & alternative use
PCC-1 · Tempe, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The neighborhood PCC-1 district is intended to provide retailing, services and entertainment uses oriented to serve the needs of the neighborhood, community or the metropolitan region. Residential uses may be allowed subject to a use permit for the purpose of revitalizing an existing commercial center.
Zone name
Planned Commercial Center Neighborhood
General category
COMMERCIAL
Zone area
595.35 ac
Source
Realmo
Top alternative use upside
Industrial (general)
$28.8M
+0.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Tempe submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tempe submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$28,725,000
Current use
INDUSTRIAL (GENERAL)
$28,840,000
Change: +0% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$27,390,000
Change: -5% · Conversion: Moderate
Blend value · Realmo final
$1.00M
Range $900k – $1.10M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$18 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$125,420
Tax year 2023
Assessed value
$1,492,393
Assessed 2024
Previous assessed
$1,313,964
+13.6% YoY
Effective rate
8.40%
On assessed value
Land market value
$2,998,100
Improvement market value
$6,046,707
Total market value
$9,044,807
Applied tax rate
281,600.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Status
Off-Market
Year built
1997
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
54,552 SF
Lot
5.3 ac (230,792 SF)
Zoning code
PCC-1
APN
301-51-844
UPID
US07-1297857
Jurisdiction
MARICOPA
Zoning & alternative use
PCC-1 · Tempe, AZZoning PCC-1 · permitted uses
PCC-1 · Tempe, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The neighborhood PCC-1 district is intended to provide retailing, services and entertainment uses oriented to serve the needs of the neighborhood, community or the metropolitan region. Residential uses may be allowed subject to a use permit for the purpose of revitalizing an existing commercial center.
Zone name
Planned Commercial Center Neighborhood
General category
COMMERCIAL
Zone area
595.35 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$28.7M
INDUSTRIAL (GENERAL)
Est. value
$28.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$27.4M
RETAIL STORES Current
INDUSTRIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1997
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
5.3 ac
Current owner
From public records · entity-resolved
Safeway INC
Entity
Mailing address
PO BOX 800729, DALLAS, TX 75380-0729
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 8, 2018
—
Safeway INC
—
Loan Modification
related
—
—
—
Safeway INC
—
Deed Of Trust
related
$1,145,000,000 · * Other Institutional Lenders
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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